Property Type Industrial
Financing Type Refinance
Date May 24, 2023
Fixed Rate Loan with Attractive Rate Reflects Strong Historical Performance and Infill Location of Multi-tenant Park; Life Companies Actively Funding Industrial Loans
San Francisco, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $19.4 million permanent loan to refinance a maturing CMBS loan on Central Avenue Center in Richmond, Calif. The five-building, multi-tenant industrial park offers approximately 150,000 square feet of space and serves a diverse but stable base of small businesses at a Bay Area location strategically positioned with direct access to the region’s 80 and 580 freeways.
Gantry’s Tony Kaufmann, Director, and Alex Poulos, Associate, with the firm’s San Francisco production office secured the financing on behalf of the borrower, a private real estate investor. The 10-year loan was provided by one of Gantry’s correspondent life company lenders, featuring an attractive fixed rate and terms.
According to Gantry’s Tony Kaufmann, “Industrial as an asset class remains a favored product type for Gantry’s exclusive roster of life company lenders. While this well-maintained asset is what many would consider a Class C property due to its age, it’s is one of the few properties in this dynamic East Bay region formatted to support smaller users. Underwriting for the loan reflects experienced sponsorship employing an active property management and maintenance program that has kept the property near 100% occupancy for decades. Articulating these strengths allowed us to shop this loan aggressively across a variety of capital sources and lenders, ultimately securing a permanent loan from one of our top life company lenders at rates and terms commiserate with more modern properties”